February 8, 2018 / 7:20 AM / 12 days ago

Beazley's profit falls, sees double-digit premium growth potential in 2018

Feb 8 (Reuters) - Lloyd’s of London insurer Beazley Plc reported a 43 percent fall in annual pretax profit as hurricanes, earthquakes and wildfire cost the sector over $135 billion, but the company said it saw potential for double-digit premium growth this year.

The underwriter, which provides marine, casualty and property insurance and reinsurance, said its pretax profit fell to $168 million, for the year ended Dec. 31, from $293.2 million a year earlier. Gross written premiums rose 7 percent to $2.34 billion.

Analysts had expected pretax profit of $163 million and gross written premium growth of 5 percent, according to company supplied consensus estimates. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)

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